"In recent years, the number of designations used by individuals and groups engaged in the sale of annuity products has increased substantially," stated NAFA President & CEO, Kim O'Brien.
Milwaukee, WI (PRWEB) April 03, 2013
NAFA, the National Association for Fixed Annuities, announces the release of a new publication dedicated to guiding annuity professionals on the best practices and proper use of professional designations. Using the framework set forth in the NAIC’s Model Regulation # 278, NAFA's Principles paper provides a road map for annuity professionals, detailing the standards and best practices set forth in the NAIC's model regulation.
"In recent years, the number of designations used by individuals and groups engaged in the sale of annuity products has increased substantially," stated NAFA President & CEO, Kim O'Brien. "While NAFA supports producers’ continuing education efforts and their pursuit of professional designations to further their professional abilities and expertise, there are core principles that should be followed when using designations with the buying public.”
NAFA will soon release a companion guide to help consumers understand the designations used by annuity professionals and what they mean when considering the purchase of an annuity. NAFA firmly supports the awareness, education and protection of all consumers on issues related to fixed annuities.
Some of the best practices highlighted in the publication include:
- Do only use designations awarded by a reputable, accredited organization within the insurance and financial industry.
- Recognize that insurers or regulators may reject some designations entirely because they are considered to have insufficient rigor, scope, or applicability to the sale of and annuities.
- Do not use designations intentionally similar to other accredited and approved designations that further obscure your qualifications.
- Do not use titles that may mislead consumers into believing a designation or education degree was awarded, when you didn’t (e.g., a “Senior Specialist).
The publication stresses a common sense approach: If a producer is in doubt or even remotely uncertain about the status or recognition of a designation, he or she is advised to check with an insurance company’s compliance department or with the resident State Department of Insurance.
NAFA, the National Association for Fixed Annuities, is a trade association exclusively dedicated to educating regulators, legislators, journalists, and industry personnel, about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace, covering 84% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998 and recently celebrated its 15th year of serving fixed annuities. NAFA is located in Milwaukee, Wisconsin.